Senator Jimoh Ibrahim has said Nigeria’s absence from the list of the world’s most indebted countries underscores disciplined fiscal coordination under President Bola Tinubu.
Ibrahim, who is also an ambassador-designate, made the assertion amid renewed public debate over Nigeria’s borrowing patterns and debt profile. He shared his remarks on Wednesday.
His comments come against the backdrop of fresh global debt data for Q4 2025 released by the Institute of International Finance and analysed by Visual Capitalist. The report showed that several advanced economies carry total debt burdens exceeding 300 per cent of their gross domestic product (GDP).
Hong Kong tops the ranking at 380 per cent of GDP, followed by Japan (372 per cent), Singapore (347 per cent), France (326 per cent), and Canada (315 per cent). These figures reflect combined government, corporate, and household debt.
While several African countries, including Senegal (156 per cent), South Africa (149 per cent), and Tunisia (143 per cent), are experiencing rising debt levels, Nigeria does not feature among the most indebted nations globally or within Africa’s top 10.
Ibrahim said critics who had forecast unsustainable borrowing under the Tinubu administration were mistaken. “Those who expected reckless borrowing have been proven wrong. Nigeria is not on the list of the world’s most indebted countries. This reflects deliberate fiscal coordination and structured economic reforms,” he said.
According to the senator, Nigeria’s fiscal management demonstrates that the administration has not embarked on excessive borrowing. He noted that reform-driven policies such as fuel subsidy removal and exchange rate unification were introduced to stabilise public finances and reduce long-term fiscal vulnerabilities.
He added that while Nigeria continues to access credit for infrastructure and development projects, such borrowings are undertaken within manageable thresholds and aligned with revenue reforms. Ibrahim described the trend as evidence that what supporters call “Bolaeconometrics”—a reference to Tinubu’s economic recalibration—is beginning to yield measurable results.
However, the lawmaker cautioned that Nigeria’s position outside the global high-debt bracket does not eliminate fiscal risks. “While Nigeria may not rank among the most indebted countries globally, the sustainability of its debt remains closely tied to revenue generation and debt servicing capacity,” he said.
Ibrahim stressed that improving non-oil revenues, boosting exports, and enhancing public sector efficiency are critical to maintaining fiscal stability. He expressed confidence that ongoing structural reforms would strengthen Nigeria’s macroeconomic fundamentals.
“As reforms mature and revenue improves, Nigeria’s fiscal resilience will become even more evident,” the senator added, insisting that global data confirm the country remains outside the league of heavily indebted nations.
